Stock Repurchase Plan Announced by Alcentra Capital Corp. (ABDC) Board of Directors
Alcentra Capital Corp. (NASDAQ:ABDC) announced that its Board of Directors has authorized a share buyback program, which allows the company to repurchase $2.50 million in shares on Monday, November 6th, EventVestor reports. This repurchase authorization allows the asset manager to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
A number of brokerages have weighed in on ABDC. Raymond James Financial, Inc. downgraded Alcentra Capital Corp. from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $16.00 to $14.00 in a report on Monday, July 17th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $14.00 target price on shares of Alcentra Capital Corp. in a report on Tuesday, July 25th. TheStreet downgraded Alcentra Capital Corp. from a “b” rating to a “c+” rating in a report on Monday, July 24th. Finally, ValuEngine downgraded Alcentra Capital Corp. from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $14.00.
Shares of Alcentra Capital Corp. (NASDAQ:ABDC) opened at $8.30 on Wednesday. Alcentra Capital Corp. has a one year low of $8.00 and a one year high of $14.73. The company has a market capitalization of $123.65, a P/E ratio of 5.89 and a beta of 0.68.
Alcentra Capital Corp. (NASDAQ:ABDC) last announced its quarterly earnings data on Monday, November 6th. The asset manager reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. Alcentra Capital Corp. had a positive return on equity of 11.13% and a negative net margin of 2.77%. The firm had revenue of $7.61 million during the quarter. equities research analysts anticipate that Alcentra Capital Corp. will post 1.37 earnings per share for the current fiscal year.
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About Alcentra Capital Corp.
Alcentra Capital Corporation is a specialty finance company that operates as a non-diversified, closed-end management investment company. The Company operates as a business development company and a regulated investment company. It provides customized debt and equity financing solutions to lower middle-market companies, which are companies having annual earnings, before interest, taxes, depreciation and amortization of between $5 million and $15 million, and/or revenues of between $10 million and $100 million.
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